Seven Eight Capital LP Buys 16,118 Shares of PHINIA Inc. (NYSE:PHIN)

Seven Eight Capital LP raised its stake in shares of PHINIA Inc. (NYSE:PHIN) by 119.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,634 shares of the company’s stock after purchasing an additional 16,118 shares during the period. Seven Eight Capital LP owned 0.06% of PHINIA worth $1,166,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in PHIN. Norges Bank purchased a new stake in shares of PHINIA in the fourth quarter worth about $16,896,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of PHINIA by 3,027.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 438,180 shares of the company’s stock worth $16,839,000 after acquiring an additional 424,168 shares in the last quarter. Great Lakes Advisors LLC boosted its position in shares of PHINIA by 1,537.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 338,616 shares of the company’s stock valued at $13,328,000 after acquiring an additional 317,935 shares during the last quarter. Vision One Management Partners LP purchased a new position in shares of PHINIA in the fourth quarter valued at $8,379,000. Finally, American Century Companies Inc. increased its position in PHINIA by 33.2% in the second quarter. American Century Companies Inc. now owns 1,009,106 shares of the company’s stock worth $39,718,000 after purchasing an additional 251,650 shares during the last quarter. Hedge funds and other institutional investors own 90.94% of the company’s stock.

Insider Activity at PHINIA

In other PHINIA news, VP Michael Coetzee sold 900 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $47.71, for a total value of $42,939.00. Following the completion of the sale, the vice president now owns 29,540 shares of the company’s stock, valued at $1,409,353.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, UBS Group started coverage on shares of PHINIA in a research note on Wednesday, September 4th. They issued a “buy” rating and a $55.00 price objective for the company.

PHINIA Trading Up 3.7 %

Shares of PHIN stock opened at $49.59 on Friday. The company has a market cap of $2.27 billion, a PE ratio of 10.02 and a beta of 0.86. PHINIA Inc. has a 1 year low of $23.46 and a 1 year high of $50.33. The stock’s 50 day simple moving average is $45.22 and its two-hundred day simple moving average is $41.90. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.85 and a quick ratio of 1.38.

PHINIA (NYSE:PHIN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.27). The company had revenue of $868.00 million for the quarter, compared to analysts’ expectations of $889.00 million. PHINIA had a net margin of 2.48% and a return on equity of 8.04%. The business’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.61 EPS. Research analysts predict that PHINIA Inc. will post 3.37 earnings per share for the current year.

PHINIA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 23rd were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.02%. PHINIA’s dividend payout ratio is presently 20.20%.

PHINIA Company Profile

PHINIA Inc engages in the development, design, and manufacture of integrated components and systems that optimize performance, increase efficiency, and reduce emissions in combustion and hybrid propulsion for commercial and light vehicles, and industrial applications. The company operates through Fuel Systems and Aftermarket segments.